{"id":514391,"date":"2023-01-02T08:30:31","date_gmt":"2023-01-02T13:30:31","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=514391"},"modified":"2023-03-08T07:26:25","modified_gmt":"2023-03-08T07:26:25","slug":"litecoin-surges-7-2023-12th-market-cap","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/litecoin\/litecoin-surges-7-2023-12th-market-cap\/","title":{"rendered":"Litecoin Surges 7% In Strong 2023 Start, Jumps To 12th On Market Cap List"},"content":{"rendered":"

Litecoin has kicked off 2023 to a bright start as the crypto has surged 7% in the last 24 hours and has climbed to 12th on the market cap list.<\/p>\n

Litecoin Starts 2023 On A Positive Note<\/h2>\n

2022 was a terrible year for the entire cryptocurrency sector as the long bear market resulted in losses of more than 50% for most of the coins. Litecoin was no exception; the asset ended the year with a drawdown of about 53%.<\/p>\n

This year, however, may very well turn out to be different for LTC as the coin seems to have observed a strong start so far. At the time of writing, Litecoin is trading around $75, up 7% in the last 24 hours. The below chart displays the recent trend in the crypto’s price.<\/p>\n

$\"Litecoin$ <\/p>\n

Looks like the value of the crypto has shot up during the past day | Source: LTCUSD on TradingView<\/a><\/pre>\n

The reason why this year could be better for LTC investors is that the next halving is set to take place this year. A “halving<\/a>” is a periodic event where the block rewards of miners are permanently cut in half, meaning that the supply production of the coin itself is halved.<\/p>\n

Since supply being constrained like this makes the asset scarcer, such an event can have a bullish effect on the price. Therefore, Litecoin holders have been hoping that a rally would build up soon, ahead of the halving scheduled for this August.<\/p>\n

As the graph shows, Litecoin has certainly already made a great start to the year, observing sharper upwards momentum than any other top coin. Though, currently, it’s unclear whether this would be the push that leads the coin to a proper halving rally, or if it’s another temporary rise before the real rally starts.<\/p>\n

Despite LTC’s poor performance during 2022, there were still some positive takeaways for the coin. For example, the network processed over 39 million transactions in the year, a new record.<\/p>\n

\n
The Litecoin Network completed over 39 million transactions in 2022. A new record!<\/p>\n
\u26a1$LTC\u26a1 pic.twitter.com\/DXbnuur2tI<\/a><\/p>\n
— Litecoin (@litecoin) December 31, 2022<\/a><\/p><\/blockquote>\n